Asmara Bus Company is the successor to the Salvati Africa (Italian owned) Bus Company. In the 1950's Salvati Africa was bought by Haregot Abbai (1909-1979), a well known local businessman and politician. He was the mayor of Asmara from 1963-1974, when he was imprisoned by the new militray dictatorship and later, in 1979, killed. (see http://en.wikipedia.org/wiki/User:Haregot).
Asmara Bus Company bought seven Turkish BMC buses, assembled and adapted by the local company TESINMA. It is not clear whether the company is still operational.